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14.05.2024 07:30:38 - dpa-AFX: EQS-News: 3U Group delivers sound uptrend in Q1 2024, as expected (english)
3U Group delivers sound uptrend in Q1 2024, as expected
EQS-News: 3U HOLDING AG
3U Group delivers sound uptrend in Q1 2024, as expected
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
3U Group delivers sound uptrend in Q1 2024, as expected
* Segment development attests to resilient business model
* Operating results in line with expectations
* Management Board affirms guidance for the financial year 2024
Marburg, 14 May 2024 - 3U HOLDING AG (ISIN DE0005167902; identifier: UUU)
has made a sound start to the new financial year 2024 and continues on its
growth trajectory, in line with expectations. In the first quarter of 2024,
consolidated revenue rose by 3.4 % to EUR 13.7 million a year-on-year
comparison (Q1 2023: EUR 13.3 million). The development of the ITC segment
(Information and Telecommunications Technology) and the SHAC segment
(Sanitary, Heating and Air Conditioning Technology) both made key
contributions to the positive development.
Having increased its revenue by more than 50 %, the ITC segment was the
strongest driver of growth. Following weak construction activity in the
previous year, the SHAC segment reported a slight upturn in revenue in the
first months of 2024. Lower selling prices and outages in the wind farms
resulted in the Renewable Energies segment being unable to match its good
year-earlier performance in the first quarter of 2024. A technical defect in
the Langendorf Wind Farm's substation in particular prevented virtually any
electricity being fed into the grid in January. This defect had nevertheless
been eliminated by the start of February.
Above all, the increase in personnel expenses attributable to acquisitions,
higher other operating expenses due in particular to maintenance costs and
repairs on the wind energy facilities, and the rise in the cost of materials
resulted in lower EBITDA, as anticipated. The Group's earnings before
interest, taxes, depreciation and amortisation came in at EUR 0.7 million in
the reporting period, down from EUR 1.9 in the first three months of 2023.
This result corresponds to an EBITDA margin of 5.5 % (Q1 2023: 14.0 %).
Depreciation and amortisation totalled EUR 1.0 million in the first quarter
of 2024 (Q1 2023: EUR 0.9 million). During the period under review, 3U
continued to report a positive financial result of EUR 0.3 million (Q1 2023:
EUR 0.8 million), along with tax income of EUR 0.1 million (Q1 2023: tax
expenses of EUR 0.2 million).
The proportion of the consolidated result attributable to the shareholders
of the parent company amounted to EUR 0.1 million (Q1 2023: EUR 1.4
million).
Well-balanced business model promotes growth
In the first quarter of 2024, the ITC segment lifted its revenue by 53.1 %
in a year-on-year comparison, from EUR 3.1 million to EUR 4.8 million. The
decline anticipated in the Voice Retail business was offset by notable
growth in Managed Services and Voice Business. Segment EBITDA advanced to
EUR 1.2 million (Q1 2023: EUR 0.9 million). The EBITDA margin stood at 24.7
% in the reporting period compared with 29.7 % the year before.
Due to the weather, and first and foremost because of a technical defect in
the Langendorf Wind Farm's substation in January, the Renewable Energies
segment's energy yield fell considerably short of the strong first quarter
of 2023. Segment revenue dropped by 54.6 % as a consequence of considerably
lower monthly market values and settled at a level of EUR 1.2 million (Q1
2023: EUR 2.5 million). The results generated in the period under review
were burdened by the aforementioned unscheduled repair costs. Segment EBITDA
declined by 64.7 % to EUR 0.7 million (Q1 2023: EUR 1.9 million).
The SHAC segment's revenue increased by 2.9 % to EUR 8.0 million in the
first three months of 2024 (Q1 2023: EUR 7.8 million). Growing demand for
photovoltaic modules, inverters and electricity storage right through to
full-scale PV plants was especially evident in the upturn in e-commerce
operations during the reporting period. Against the backdrop of a slight
increase in operating expenses, EBITDA stood at EUR -0.2 million (Q1 2023:
EUR -0.1 million).
Sound balance sheet ratios as a foundation for future growth
As of 31 March 2024, total assets amounted to EUR 119.3 million, thus
remaining at the level posted on 31 December 2023 (EUR 119.3 million). On
the assets side, the increase in inventories of EUR 2.6 million to EUR 16.3
million is mainly attributable to higher stock levels in the SHAC segment.
The decline of EUR 4.2 million in the Group's cash and cash equivalents is
largely to be seen in the context of this development.
Compared with year-end 2023, the equity ratio remained virtually unchanged
at 75.2 % as of 31 March 2024. Total liabilities were pared down marginally,
from EUR 29.8 million to EUR 29.6 million, resulting in an improvement in
the debt-to-equity ratio of 33.1 % (31 December 2023: 33.2 %). Despite the
reduced level of financial liabilities, the net cash position declined and,
at the end of the reporting period, posted EUR 35.9 million (31 December
2023: EUR 39.8 million).
Outlook: rigorous implementation of the profitable growth strategy -
affirmation of positive guidance for 2024
The company anticipates further profitable growth over the course of 2024.
The Management Board assumes that the ITC segment will continue to perform
well. At the same time, as part of its MISSION 2026 growth strategy, the
Board will continue to concertedly implement the measures necessary to
strengthen its competitiveness in its SHAC e-commerce operations. These
measures include the realignment of the range on offer, flanked by expanding
the proportion of profitable products and services. Concerning the Renewable
Energies segment, 3U is opting for extensive investments to expand its own
power generating capacities. Having obtained approval for the Langendorf
Wind Farm repowering project, the Group can move ahead in realising the
project in the coming quarters with the aim of raising installed capacity in
Langendorf from 22.5 MW to 43 MW as planned over the period through to the
end of 2025. Depending on the general conditions in the construction
industry, the Group is anticipating further growth in the SHAC segment later
on in the year.
Accordingly, 3U expects overall revenue for 2024 - without acquisitions - to
settle in a range of between EUR 58 million and EUR 62 million, which would
correspond to a year-on-year increase of around 10 % and 18 % respectively.
Owing to the necessary upfront investments in 3U's future competitiveness,
and in conjunction with repowering measures commencing at the Langendorf
location, the EBITDA margin is anticipated between approximately 7 % to 8 %
in 2024. Net of these one-off effects, the return would improve further in
2024 compared with 2023.
"The start to the year affirms our confidence of achieving notable growth in
2024. Our expansion strategy in the ITC segment in particular is bearing
fruit, with double-digit growth rates in revenue and profit. We also derive
confidence from the slight improvement in the economic environment which
works in favour of demand in SHAC, the Group's largest segment, although
business with heat generators is currently still very sluggish. The focus in
the Renewable Energies segment has been clearly placed on expanding our
capacities, above all in the Langendorf Wind Farm," states Uwe Knoke, Board
member of 3U Holding AG, commenting on the performance in the first three
months.
3U financials
3U HOLDING AG's Q1 2024 Earnings Call will take place today at 10:00 CEST
together with CFO Christoph Hellrung and Uwe Knoke, Board member responsible
for Strategy and Business Development.
Please register here to participate in the web cast:
https://montegaconnect.de/event/iwh11ynw32ug1yr7vxzpo9wv6bhy4te3
A recording of the web cast will be available for viewing after the event at
3u.net/newsroom/mediathek/.
The Quarterly Announcement on the first quarter of 2024 is available for
downloading at https://www.3u.net/en/investor-relations/publications/.
About 3U:
3U HOLDING AG (www.3U.net), based in Marburg, Germany, was founded in 1997.
As the operating management and investment holding company, it heads up the
3U Group. With a view to increasing the value for the shareholders,
employees, customers, suppliers and all stakeholders, the company acquires,
operates and sells companies in the three segments of ITC (Information and
Telecommunications Technology), Renewable Energies and SHAC (Sanitary,
Heating and Air Conditioning Technology). The 3U Group operates successfully
and profitably with its business models in mega trends in all three segments
and is striving to attain market leadership in particular with its
e-commerce business model. 3U HOLDING AG shares are traded on XETRA,
Tradegate and on German regional stock exchanges (ISIN: DE0005167902;
identifier: UUU).
Contact:
Thomas Fritsche
Head of Corporate Communications & Investor Relations
3U HOLDING AG
Frauenbergstraße 31-33
D-35039 Marburg
Tel.: + 49 (0)6421 999-1200
Fax: + 49 (0)6421 999-1222
Email: IR@3U.net
www.3u.net
---------------------------------------------------------------------------
14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
End of News EQS News Service
---------------------------------------------------------------------------
1901687 14.05.2024 CET/CEST
EQS-News: 3U HOLDING AG
3U Group delivers sound uptrend in Q1 2024, as expected
14.05.2024 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
3U Group delivers sound uptrend in Q1 2024, as expected
* 3U continues its growth trajectory in the reporting period with revenue
growth of 3.4 %
* Segment development attests to resilient business model
* Operating results in line with expectations
* Management Board affirms guidance for the financial year 2024
Marburg, 14 May 2024 - 3U HOLDING AG (ISIN DE0005167902; identifier: UUU)
has made a sound start to the new financial year 2024 and continues on its
growth trajectory, in line with expectations. In the first quarter of 2024,
consolidated revenue rose by 3.4 % to EUR 13.7 million a year-on-year
comparison (Q1 2023: EUR 13.3 million). The development of the ITC segment
(Information and Telecommunications Technology) and the SHAC segment
(Sanitary, Heating and Air Conditioning Technology) both made key
contributions to the positive development.
Having increased its revenue by more than 50 %, the ITC segment was the
strongest driver of growth. Following weak construction activity in the
previous year, the SHAC segment reported a slight upturn in revenue in the
first months of 2024. Lower selling prices and outages in the wind farms
resulted in the Renewable Energies segment being unable to match its good
year-earlier performance in the first quarter of 2024. A technical defect in
the Langendorf Wind Farm's substation in particular prevented virtually any
electricity being fed into the grid in January. This defect had nevertheless
been eliminated by the start of February.
Above all, the increase in personnel expenses attributable to acquisitions,
higher other operating expenses due in particular to maintenance costs and
repairs on the wind energy facilities, and the rise in the cost of materials
resulted in lower EBITDA, as anticipated. The Group's earnings before
interest, taxes, depreciation and amortisation came in at EUR 0.7 million in
the reporting period, down from EUR 1.9 in the first three months of 2023.
This result corresponds to an EBITDA margin of 5.5 % (Q1 2023: 14.0 %).
Depreciation and amortisation totalled EUR 1.0 million in the first quarter
of 2024 (Q1 2023: EUR 0.9 million). During the period under review, 3U
continued to report a positive financial result of EUR 0.3 million (Q1 2023:
EUR 0.8 million), along with tax income of EUR 0.1 million (Q1 2023: tax
expenses of EUR 0.2 million).
The proportion of the consolidated result attributable to the shareholders
of the parent company amounted to EUR 0.1 million (Q1 2023: EUR 1.4
million).
Well-balanced business model promotes growth
In the first quarter of 2024, the ITC segment lifted its revenue by 53.1 %
in a year-on-year comparison, from EUR 3.1 million to EUR 4.8 million. The
decline anticipated in the Voice Retail business was offset by notable
growth in Managed Services and Voice Business. Segment EBITDA advanced to
EUR 1.2 million (Q1 2023: EUR 0.9 million). The EBITDA margin stood at 24.7
% in the reporting period compared with 29.7 % the year before.
Due to the weather, and first and foremost because of a technical defect in
the Langendorf Wind Farm's substation in January, the Renewable Energies
segment's energy yield fell considerably short of the strong first quarter
of 2023. Segment revenue dropped by 54.6 % as a consequence of considerably
lower monthly market values and settled at a level of EUR 1.2 million (Q1
2023: EUR 2.5 million). The results generated in the period under review
were burdened by the aforementioned unscheduled repair costs. Segment EBITDA
declined by 64.7 % to EUR 0.7 million (Q1 2023: EUR 1.9 million).
The SHAC segment's revenue increased by 2.9 % to EUR 8.0 million in the
first three months of 2024 (Q1 2023: EUR 7.8 million). Growing demand for
photovoltaic modules, inverters and electricity storage right through to
full-scale PV plants was especially evident in the upturn in e-commerce
operations during the reporting period. Against the backdrop of a slight
increase in operating expenses, EBITDA stood at EUR -0.2 million (Q1 2023:
EUR -0.1 million).
Sound balance sheet ratios as a foundation for future growth
As of 31 March 2024, total assets amounted to EUR 119.3 million, thus
remaining at the level posted on 31 December 2023 (EUR 119.3 million). On
the assets side, the increase in inventories of EUR 2.6 million to EUR 16.3
million is mainly attributable to higher stock levels in the SHAC segment.
The decline of EUR 4.2 million in the Group's cash and cash equivalents is
largely to be seen in the context of this development.
Compared with year-end 2023, the equity ratio remained virtually unchanged
at 75.2 % as of 31 March 2024. Total liabilities were pared down marginally,
from EUR 29.8 million to EUR 29.6 million, resulting in an improvement in
the debt-to-equity ratio of 33.1 % (31 December 2023: 33.2 %). Despite the
reduced level of financial liabilities, the net cash position declined and,
at the end of the reporting period, posted EUR 35.9 million (31 December
2023: EUR 39.8 million).
Outlook: rigorous implementation of the profitable growth strategy -
affirmation of positive guidance for 2024
The company anticipates further profitable growth over the course of 2024.
The Management Board assumes that the ITC segment will continue to perform
well. At the same time, as part of its MISSION 2026 growth strategy, the
Board will continue to concertedly implement the measures necessary to
strengthen its competitiveness in its SHAC e-commerce operations. These
measures include the realignment of the range on offer, flanked by expanding
the proportion of profitable products and services. Concerning the Renewable
Energies segment, 3U is opting for extensive investments to expand its own
power generating capacities. Having obtained approval for the Langendorf
Wind Farm repowering project, the Group can move ahead in realising the
project in the coming quarters with the aim of raising installed capacity in
Langendorf from 22.5 MW to 43 MW as planned over the period through to the
end of 2025. Depending on the general conditions in the construction
industry, the Group is anticipating further growth in the SHAC segment later
on in the year.
Accordingly, 3U expects overall revenue for 2024 - without acquisitions - to
settle in a range of between EUR 58 million and EUR 62 million, which would
correspond to a year-on-year increase of around 10 % and 18 % respectively.
Owing to the necessary upfront investments in 3U's future competitiveness,
and in conjunction with repowering measures commencing at the Langendorf
location, the EBITDA margin is anticipated between approximately 7 % to 8 %
in 2024. Net of these one-off effects, the return would improve further in
2024 compared with 2023.
"The start to the year affirms our confidence of achieving notable growth in
2024. Our expansion strategy in the ITC segment in particular is bearing
fruit, with double-digit growth rates in revenue and profit. We also derive
confidence from the slight improvement in the economic environment which
works in favour of demand in SHAC, the Group's largest segment, although
business with heat generators is currently still very sluggish. The focus in
the Renewable Energies segment has been clearly placed on expanding our
capacities, above all in the Langendorf Wind Farm," states Uwe Knoke, Board
member of 3U Holding AG, commenting on the performance in the first three
months.
3U financials
Q1 2024 Q1 2023 +/-
Consolidated revenue EUR m 13.7 13.3 3.4 %
ITC EUR m 4.8 3.1 53.1 %
Renewable Energies EUR m 1.2 2.5 -54.6 %
SHAC EUR m 8.0 7.8 2.9 %
Group EBITDA EUR m 0.7 1.9 -59.8 %
ITC EUR m 1.2 0.9 27.5 %
Renewable Energies EUR m 0.7 1.9 -64.7 %
SHAC EUR m -0.2 -0.1
EBITDA margin % 5.5 14.0
ITC % 24.7 29.7
Renewable Energies % 58.1 74.7
SHAC % -2.7 -1.7
Group result EUR m 0.1 1.4 -95.1 %
31/03/2024 31/12/2023 +/-
Equity ratio % 75.2 75.1
Cash & cash equivalents EUR m 51.2 55.4 -7.6 %
Working capital EUR m 68.7 68.9 -0.2 %
Net cash EUR m 35.9 39.8 -9.7 %
Free cash flow EUR m -3.5 -7.4
Employees FTE 160 164 -2.4 %
3U HOLDING AG's Q1 2024 Earnings Call will take place today at 10:00 CEST
together with CFO Christoph Hellrung and Uwe Knoke, Board member responsible
for Strategy and Business Development.
Please register here to participate in the web cast:
https://montegaconnect.de/event/iwh11ynw32ug1yr7vxzpo9wv6bhy4te3
A recording of the web cast will be available for viewing after the event at
3u.net/newsroom/mediathek/.
The Quarterly Announcement on the first quarter of 2024 is available for
downloading at https://www.3u.net/en/investor-relations/publications/.
About 3U:
3U HOLDING AG (www.3U.net), based in Marburg, Germany, was founded in 1997.
As the operating management and investment holding company, it heads up the
3U Group. With a view to increasing the value for the shareholders,
employees, customers, suppliers and all stakeholders, the company acquires,
operates and sells companies in the three segments of ITC (Information and
Telecommunications Technology), Renewable Energies and SHAC (Sanitary,
Heating and Air Conditioning Technology). The 3U Group operates successfully
and profitably with its business models in mega trends in all three segments
and is striving to attain market leadership in particular with its
e-commerce business model. 3U HOLDING AG shares are traded on XETRA,
Tradegate and on German regional stock exchanges (ISIN: DE0005167902;
identifier: UUU).
Contact:
Thomas Fritsche
Head of Corporate Communications & Investor Relations
3U HOLDING AG
Frauenbergstraße 31-33
D-35039 Marburg
Tel.: + 49 (0)6421 999-1200
Fax: + 49 (0)6421 999-1222
Email: IR@3U.net
www.3u.net
---------------------------------------------------------------------------
14.05.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
News - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
Language: English
Company: 3U HOLDING AG
Frauenbergstraße 31-33
35039 Marburg
Germany
Phone: +49 (0)6421/999-1200
Fax: +49 (0)6421/999-1222
E-mail: IR@3U.net
Internet: www.3u.net
ISIN: DE0005167902
WKN: 516790
Listed: Regulated Market in Frankfurt (Prime Standard);
Regulated Unofficial Market in Berlin, Dusseldorf,
Hamburg, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1901687
End of News EQS News Service
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1901687 14.05.2024 CET/CEST
| Name | WKN | Börse | Kurs | Datum/Zeit | Diff. | Diff. % | Geld | Brief | Erster | Schluss | |
|---|---|---|---|---|---|---|---|---|---|---|---|
 |
3U HOLDING AG | 516790 | Xetra | 2,025 | 28.05.24 17:36:06 | ±0,000 | ±0,00% | 0,000 | 0,000 | 2,015 | 2,025 |
